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Finance committee approves $5 million seed for Invest Aurora 'transformation fund'
Summary
The Finance Committee voted 4-0 to allocate $5 million from a $16 million recapture tied to the CyrusOne transaction to seed a new 'transformation fund' housed with Invest Aurora. Staff described governance, oversight metrics and plans to grow the fund through private and grant funding.
The Aurora Finance Committee on Oct. 10 approved a $5 million allocation to seed a new transformation fund that will be administered through Invest Aurora as part of a consolidation of local business organizations.
City CFO Chris Minnick told members the money comes from a roughly $16 million recapture tied to a development agreement with CyrusOne: “The property did close and Cyrus 1 took ownership in July, and those funds were then transferred to the city…we have been holding on to the funds, in the amount of 16,000,000, since about July 4.” He described four proposed uses for the recaptured…
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